New investment product: Renewable Investment Notes

New
Zealand’s largest state-owned generator is offering
Renewable Energy Notes so investors can help support its
business in renewable energy.

Meridian’s Chief Financial
Officer, Neal Barclay, says: “Investors will value
knowing they are getting a good rate of return from a New
Zealand company.”

“We’re committed to building new
generation by harnessing our natural resources. The money
raised through this investment programme will help us to
continue to focus on our business goals, including
generating renewable energy through our hydro stations and
wind farms.”

Meridian has been working with independent
experts in the market to build a good model for managing and
operating the offer, which was launched first to its staff
late 2008.

What is a Renewable Energy
Note?The RENs constitute direct, unsecured and
unsubordinated debt obligations of Meridian. RENs are
fixed-rate interest-bearing New Zealand dollar investments
for a fixed period of 18 months or less.

How the RENs workThe investor can
choose how much they want to invest, and pick a term that
suits. The interest rate is fixed for the term selected and
interest will be paid at the end of each quarter.

The Issuer is Meridian Energy Limited (“Meridian”).
The Renewable Energy Notes (“RENs”) are senior,
unsecured debt obligations of Meridian. The RENs are
guaranteed by the companies that are from time to time
guaranteeing group members under the trust deed that
constitutes the RENs, currently being Meridian, MEL Holdings
Limited, MEL (West Wind) Limited, MEL (Te Ä€piti) Limited
and MEL (White Hill) Limited. The guarantee is not secured.
The RENs are not guaranteed by the Government. The minimum
holding of RENs is $2,000 and multiples of $500
thereafter.

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